The threat of a world economic downturn is minimal, as Europe and the United States have entered a period of stable and strong economic recovery, said Tong Jiadong.
Tianjin, the largest coastal city in northern China, plans to develop itself into a modern service center and hopes to attract the world's business elite to locate in the city.
Tianjin Pharmaceutical Holdings Co Ltd has set the goals of realizing revenue of 35 billion yuan and a profit of 1.8 billion this year, said Lu Yanchang, general manager of the company.
Tianjin has improved its public transport system to accommodate large numbers of visitors and travelers to the city during the Summer Davos, a senior transport official of the city said.
Innovation is needed to generate high-income jobs. China is not yet an innovation powerhouse, but Klaus Schwab, founder and executive chairman of the World Economic Forum, believe it can be.
